EUR/GBP Price Analysis: Bearish respite, indicators remain negative
- EUR/GBP rose by 0.14% to 0.8320 in Thursday's trading session.
- Bears took a breather after recent declines but technical indicators remain deeply negative.
- RSI signals recovering buying pressure while MACD suggests flattening selling pressure, overall outlook mixed.
The EUR/GBP pair rose to 0.8320 in Thursday's session. Despite a temporary respite for the bears after recent declines, technical indicators remain deeply negative, with the pair trading below the 20-day Simple Moving Average (SMA) which stands around 0.8340. This suggests that the short-term outlook remains bearish until this level is conquered.
The Relative Strength Index (RSI) which measures the strength of buying and selling pressure, has a reading of 47 and points up, indicating that buying pressure is recovering. The Moving Average Convergence Divergence (MACD), which is a trend-following indicator, is flat and in red, suggesting that selling pressure is flat. With the RSI suggesting that buying pressure is recovering, while the MACD, it suggests that selling pressure is flat and it points out that the pair may consolidate in the next sessions.
Support levels can be found at 0.8300, 0.8250, and 0.8230, while resistance levels can be found at 0.8340, 0.8360, and 0.8400.
EUR/GBP daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
